by Paul Whyatt | Nov 5, 2021 | Business Advice, Personal Tax
Two areas in the public sector that need additional funding are the NHS and social care. To pay for these services, the Government is raising a new tax: the health and social care (HSC) levy. This will be charged at 1.25% of income or profits for the employed and...
by Paul Whyatt | Nov 5, 2021 | Business Advice, News, Personal Tax
Many employed and self- employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much-needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently...
by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
Making tax digital for income tax self-assessment (MTD ITSA) will replace the self-assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Business Start-up, Personal Tax
The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6 April 2022. Higher rate taxpayers will pay 33.75% (currently 32.5%) on dividends and additional rate taxpayers must budget for dividend tax of 39.35% (currently 38.1%)....
by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
Child benefit is not taxable but sometimes needs to be declared on tax returns. Since 2013, the high income child benefit charge (HICBC) claws back some or all of the child benefit paid to families where the highest earner in the family has total income of £50,000 or...
